i missed 2 mortgage payments now

[stonum]

i'm disabled now and can't pay my mortgage

my house is old and i havent been able to keep up with the repairs--it needs a furnace, central air unit, there's hidden termite damage under a bedroom that has no access(i tore the floor out to insulate it 25 years ago and discovered the termite damage), there's some brick parts of the foundation that the morter is crumbling on, i could go on and on, so thats why i believe the house may only bring $15,000 at sale--i owe $30,000--i cant do a short sale cause then i would owe the balance--i want to do a forclosure but i dont know these things: 1)is missouri a recourse state? 2)will wells fargo come after me for the balance if i get forclosed on? 3)how can i disclose the termite damage and other problems with house if i get forclosed on, so i can avoid being sued? 4)i know wells fargo will send me a tax form showing income,it will be my only income except for my disability check,which is tax-free,so will i owe a lot of income tax? ---i know forclosure ruins my credit, but thats not a problem for me, i have a place to live and a good car-------------thanks

[stonum]

i thought i should add--i live in missouri and i do not want to stay in this house-i want to get out of here--thanks

[Cat Damiano]

Hi stonum,


In Missouri, deficiency judgements may not generally be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. It would be best to consult with an attorney on this just to be sure, and with the additional questions that you have in regards to the termite disclosure.

Missouri Foreclosure Laws - Foreclosure.com


Here is a service that may be able to answer your questions;

LSEM - What We Do